Panattoni to invest $200 mn to build 4 logistics parks in India

The US-based Panattoni will invest USD 200 million (around Rs 1,597 crore) in India to develop four industrial and logistics parks across major cities as it sees huge growth potential amid rising demand for warehouses. Panattoni has debuted in the Asian market with its entry in India. The Indian venture, Panattoni India Development Pvt Ltd, is headquartered in Bengaluru. The company is holding discussions with landowners to purchase around 250 acres of land in Delhi-NCR, Mumbai, Chennai, Hyderabad, Bengaluru, and Pune to develop four projects in the first phase of the India venture. “We will be investing USD 200 million (around Rs 1,597 crore) for the development of initial four industrial and logistics parks comprising 6.5-7 lakh leasable area. The proposed investments include land, construction, and other costs. The fund will be raised at the special purpose vehicle (SPV) level to be created separately for the development of each project,” said reports.